By Ayomide Otitoju
Bank Plc has released its audited financial results for the full year ended December 31, 2024, reporting strong double-digit growth across key performance metrics. The bank’s performance underscores its effective risk asset management, optimized treasury portfolio, and leadership in Nigeria’s banking sector.
According to the financial statements filed with the Nigerian Exchange (NGX), Zenith Bank recorded an 86% year-on-year (YoY) increase in gross earnings, rising from N2.13 trillion in 2023 to N3.97 trillion in 2024. This growth was primarily driven by a 138% surge in interest income, supported by strategic investments in high-yield government securities and an expanded loan portfolio.
Profitability and Strong Asset Growth
The bank’s profit before tax (PBT) climbed 67% to N1.3 trillion, compared to N796 billion in the previous year, reflecting improved revenue generation and efficient treasury management. Net interest income surged by 135% to N1.7 trillion, while non-interest income grew by 20% to N1.1 trillion.
Total assets expanded by 47%, reaching N30 trillion, up from N20 trillion in 2023. Customer deposits also recorded significant growth, increasing by 45% to N22 trillion, driven by strong corporate deposits and an accelerated retail banking strategy.
Despite inflationary pressures, Zenith Bank maintained a cost-to-income ratio of 38.9%, up slightly from 36.1%. Return on Average Equity (ROAE) stood at 32.5%, reflecting the impact of new capital injections, while Return on Average Assets (ROAA) remained stable at 4.1%. The bank’s Non-Performing Loan (NPL) ratio was 4.7%, with a coverage ratio of 223%, underscoring its prudent risk management framework.
Dividend and Capital Expansion
Following its strong financial performance, Zenith Bank has proposed a final dividend of N4.00 per share, bringing the total dividend payout for 2024 to N5.00 per ordinary share.
In a strategic move to strengthen its capital base, the bank successfully raised N350 billion through a rights issue and public offer, achieving a 160% subscription rate. The proceeds will be deployed to enhance technology infrastructure, boost liquidity, and support expansion into key African markets.
Industry Recognition and Awards
Zenith Bank’s consistent performance has earned it multiple industry accolades. In 2024, it was ranked Nigeria’s number one bank by Tier-1 Capital for the 15th consecutive year in The Banker Magazine’s Top 1000 World Banks Ranking. It also received The Banker’s Bank of the Year (Nigeria) award in 2020, 2022, and 2024, and was named Best Bank in Nigeria by Global Finance for four of the past five years.
Additional recognitions include Best Commercial Bank in Nigeria (2021-2024) by World Finance, Most Sustainable Bank in Nigeria (2023, 2024) by International Banker, and Best in Corporate Governance by Ethical Boardroom. The bank was also honored at the SERAS CSR Awards Africa 2024 for its contributions to corporate social responsibility and gender equality initiatives.
Outlook
Commenting on the results, Dame Dr. Adaora Umeoji, OON, Group Managing Director/CEO, reaffirmed the bank’s commitment to financial inclusion, service excellence, and stakeholder value creation.
“This year’s performance underscores our unwavering commitment to innovation and customer-centric solutions. We will continue to expand our market reach, enhance service delivery, and drive sustainable growth,” she stated.
With a solid capital base, innovative banking solutions, and strategic expansion plans, Zenith Bank remains well-positioned to navigate evolving market conditions while reinforcing its leadership in Nigeria’s financial sector.
